Indian bank raises $50m for green projects

An Indian bank has raised almost $50 million (£32m) for renewable projects.

It was through the issue of Green Infrastructure Bonds to International Finance Corporation (IFC), a member of World Bank Group.

YES BANK will lend the cash to fund projects such as wind and solar farms.

It has made a commitment of funding 5GW of green projects by the end of the decade.

Inessa Tolokonnikova, IFC’s Financial Institutions Group Manager for South Asia, based in Mumbai said: “Green bonds have opened a new finance flow that will be essential to confronting climate change impact. IFC’s investments in programmes like YES BANK’s Green Infrastructure bonds will also encourage issuers in other markets to issue similar bonds and support greater resources for climate change finance.”

The Government of India has set a target of installing 175GW of renewable capacity by 2022.